Poker Lessons - How They Help In Making Online Business Decisions
There are some folk of the opinion when it comes to making decisions in their online business, Poker lessons learned and experience accumulated from playing, over time can be invaluable. Specifically when analysing their ad campaigns and the use of paid traffic.
Is it really possible that one could establish a set course of action that could be applied to their internet marketing campaigns, that directly relates to some Poker lessons they have learned whilst playing the game? Where exactly is there a tie-in that can make sense and be useful, could it be down to the similarities in having to make decisions and replicating that very same mind-set when putting their internet business under the microscope?
Take for example the concept of "pot odds" which most people will know are used in Poker to help the player determine when they should bet and when they should fold. First what's important is to understand and realize the concept of Poker and exactly how it can be applied to any business in general.
When looking at the pot odds, one is basically looking at the risk one will be taking versus the expected return they could possibly receive. When one is deciding whether to bet or not to bet the pot odds can be helpful in making that decision. Here's an example.
Say there is $500 in the pot. This simply means if a player wins they win the $500. Let's also say that the person one is playing against only bets $50. The pot odds are then in one's favor then as only $50 is being wagered, versus the potential of a $500 win. One would want to call the opponents wager, and match their $50 to try and win the $500. In this example it makes perfectly good sense to bet and for one to take a risk.
If the very same player instead of wagering $50 had wagered $400 and one could only win $500, then a lot more thought would be required as to if the hand held was good enough to justify the risk, as the pot odds would not be as significant as in the previous example. Poker Lessons teach Risk Reward Ratio, that's the economic lesson to be learned!